Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

Blood, fire and fertility : human remains and ritual practices at the temple pyramid groups of Cantona, Puebla, Mexico

La ville préhispanique de Cantona, située dans la vallée d’Oriental dans l’état de Puebla au Mexique, atteignit sa première apogée culturelle entre 150 av. J.C. et 600/650 A.D. Durant cette période, des complexes cérémoniaux comprenant des groupes de pyramides-temples et des terrains de jeu de balle furent construits. Ces installations servirent au déroulement de nombreux rites au cours desquels les victimes de sacrifices étaient décapitées, démembrées, décharnées, écorchées, bouillies, brûlées et, dans certains cas, consommées. D’autres traitements du corps humain comportent l’inhumation d’individus en position assise et repliés sur eux-mêmes. Pour mieux comprendre le traitement mortuaire rituel des corps humains à Cantona, les découvertes faites sur place sont comparées aux données datant de la même époque obtenues dans trois régions voisines : la vallée de Mexico, Puebla-Tlaxcala et le golfe du Mexique. A partir de ces renseignements, on peut en déduire que la majorité des découvertes faites à Cantona sont les restes des dépouilles et offrandes provenant de rites destinés à la communication avec les dieux et à l’obtention de la fertilité, tandis que les dépouilles des individus en position assise appartiennent à des prêtres ou à des personnages religieux.

Study on period search methods of variable stars: Application to ASAS and CRTS databases

Study on variable stars is an important topic of modern astrophysics. After the invention of powerful telescopes and high resolving powered CCD’s, the variable star data is accumulating in the order of peta-bytes. The huge amount of data need lot of automated methods as well as human experts. This thesis is devoted to the data analysis on variable star’s astronomical time series data and hence belong to the inter-disciplinary topic, Astrostatistics. For an observer on earth, stars that have a change in apparent brightness over time are called variable stars. The variation in brightness may be regular (periodic), quasi periodic (semi-periodic) or irregular manner (aperiodic) and are caused by various reasons. In some cases, the variation is due to some internal thermo-nuclear processes, which are generally known as intrinsic vari- ables and in some other cases, it is due to some external processes, like eclipse or rotation, which are known as extrinsic variables. Intrinsic variables can be further grouped into pulsating variables, eruptive variables and flare stars. Extrinsic variables are grouped into eclipsing binary stars and chromospheri- cal stars. Pulsating variables can again classified into Cepheid, RR Lyrae, RV Tauri, Delta Scuti, Mira etc. The eruptive or cataclysmic variables are novae, supernovae, etc., which rarely occurs and are not periodic phenomena. Most of the other variations are periodic in nature. Variable stars can be observed through many ways such as photometry, spectrophotometry and spectroscopy. The sequence of photometric observa- xiv tions on variable stars produces time series data, which contains time, magni- tude and error. The plot between variable star’s apparent magnitude and time are known as light curve. If the time series data is folded on a period, the plot between apparent magnitude and phase is known as phased light curve. The unique shape of phased light curve is a characteristic of each type of variable star. One way to identify the type of variable star and to classify them is by visually looking at the phased light curve by an expert. For last several years, automated algorithms are used to classify a group of variable stars, with the help of computers. Research on variable stars can be divided into different stages like observa- tion, data reduction, data analysis, modeling and classification. The modeling on variable stars helps to determine the short-term and long-term behaviour and to construct theoretical models (for eg:- Wilson-Devinney model for eclips- ing binaries) and to derive stellar properties like mass, radius, luminosity, tem- perature, internal and external structure, chemical composition and evolution. The classification requires the determination of the basic parameters like pe- riod, amplitude and phase and also some other derived parameters. Out of these, period is the most important parameter since the wrong periods can lead to sparse light curves and misleading information. Time series analysis is a method of applying mathematical and statistical tests to data, to quantify the variation, understand the nature of time-varying phenomena, to gain physical understanding of the system and to predict future behavior of the system. Astronomical time series usually suffer from unevenly spaced time instants, varying error conditions and possibility of big gaps. This is due to daily varying daylight and the weather conditions for ground based observations and observations from space may suffer from the impact of cosmic ray particles. Many large scale astronomical surveys such as MACHO, OGLE, EROS, xv ROTSE, PLANET, Hipparcos, MISAO, NSVS, ASAS, Pan-STARRS, Ke- pler,ESA, Gaia, LSST, CRTS provide variable star’s time series data, even though their primary intention is not variable star observation. Center for Astrostatistics, Pennsylvania State University is established to help the astro- nomical community with the aid of statistical tools for harvesting and analysing archival data. Most of these surveys releases the data to the public for further analysis. There exist many period search algorithms through astronomical time se- ries analysis, which can be classified into parametric (assume some underlying distribution for data) and non-parametric (do not assume any statistical model like Gaussian etc.,) methods. Many of the parametric methods are based on variations of discrete Fourier transforms like Generalised Lomb-Scargle peri- odogram (GLSP) by Zechmeister(2009), Significant Spectrum (SigSpec) by Reegen(2007) etc. Non-parametric methods include Phase Dispersion Minimi- sation (PDM) by Stellingwerf(1978) and Cubic spline method by Akerlof(1994) etc. Even though most of the methods can be brought under automation, any of the method stated above could not fully recover the true periods. The wrong detection of period can be due to several reasons such as power leakage to other frequencies which is due to finite total interval, finite sampling interval and finite amount of data. Another problem is aliasing, which is due to the influence of regular sampling. Also spurious periods appear due to long gaps and power flow to harmonic frequencies is an inherent problem of Fourier methods. Hence obtaining the exact period of variable star from it’s time series data is still a difficult problem, in case of huge databases, when subjected to automation. As Matthew Templeton, AAVSO, states “Variable star data analysis is not always straightforward; large-scale, automated analysis design is non-trivial”. Derekas et al. 2007, Deb et.al. 2010 states “The processing of xvi huge amount of data in these databases is quite challenging, even when looking at seemingly small issues such as period determination and classification”. It will be beneficial for the variable star astronomical community, if basic parameters, such as period, amplitude and phase are obtained more accurately, when huge time series databases are subjected to automation. In the present thesis work, the theories of four popular period search methods are studied, the strength and weakness of these methods are evaluated by applying it on two survey databases and finally a modified form of cubic spline method is intro- duced to confirm the exact period of variable star. For the classification of new variable stars discovered and entering them in the “General Catalogue of Vari- able Stars” or other databases like “Variable Star Index“, the characteristics of the variability has to be quantified in term of variable star parameters.

Exoplanet discoveries with the CoRoT space observatory

The CoRoT space observatory is a project which is led by the French space agency CNES and leading space research institutes in Austria, Brazil, Belgium, Germany and Spain and also the European Space Agency ESA. CoRoT observed since its launch in December 27, 2006 about 100 000 stars for the exoplanet channel, during 150 days uninterrupted high-precision photometry. Since the The CoRoT-team has several exoplanet candidates which are currently analyzed under its study, we report here the discoveries of nine exoplanets which were observed by CoRoT. Discovered exoplanets such as CoRoT-3b populate the brown dwarf desert and close the gap of measured physical properties between usual gas giants and very low mass stars. CoRoT discoveries extended the known range of planet masses down to about 4.8 Earth-masses (CoRoT-7b) and up to 21 Jupiter masses (CoRoT-3b), the radii to about 1.68 x 0.09 R (Earth) (CoRoT-7b) and up to the most inflated hot Jupiter with 1.49 x 0.09 R (Earth) found so far (CoRoT-1b), and the transiting exoplanet with the longest period of 95.274 days (CoRoT-9b). Giant exoplanets have been detected at low metallicity, rapidly rotating and active, spotted stars. Two CoRoT planets have host stars with the lowest content of heavy elements known to show a transit hinting towards a different planethost-star-metallicity relation then the one found by radial-velocity search programs. Finally the properties of the CoRoT-7b prove that rocky planets with a density close to Earth exist outside the Solar System. Finally the detection of the secondary transit of CoRoT-1b at a sensitivity level of 10(-5) and the very clear detection of the ""super-Earth"" CoRoT-7b at 3.5 x 10(-4) relative flux are promising evidence that the space observatory is being able to detect even smaller exoplanets with the size of the Earth.

HOST-MEDIATED INDUCTION OF alpha-AMYLASES BY LARVAE OF THE MEXICAN BEAN WEEVIL Zabrotes subfasciatus (COLEOPTERA: CHRYSOMELIDAE: BRUCHINAE) IS IRREVERSIBLE AND OBSERVED FROM THE INITIATION OF THE FEEDING PERIOD

Larvae of Zabrotes subfasciatus secrete alpha-amylases that are insensitive to the alpha-amylase inhibitor found in seeds of Phaseolus vulgaris. By analyzing amylase activities during larval development on P. vulgaris, we detected activity of the constitutive amylase and the two inducible amylase isoforms at all stages. When larvae were transferred from the non alpha-amylase inhibitor containing seeds of Vigna unguiculata to P. vulgaris, the inducible alpha-amylases were expressed at the same level as in control larvae fed on P. vulgaris. Interestingly, when larvae were transferred from seeds of P. vulgaris to those of V. unguiculata, inducible alpha-amylases continued to be expressed at a level similar to that found in control larvae fed P. vulgaris continuously. When 10-day-old larvae were removed from seeds of V. unguiculata and transferred into capsules containing flour of P. vulgaris cotyledons, and thus maintained until completing 17 days ( age when the larvae stopped feeding), we could detect higher activity of the inducible alpha-amylases. However, when larvae of the same age were transferred from P. vulgaris into capsules containing flour of V. unguiculata, the inducible alpha-amylases remained up-regulated. These results suggest that the larvae of Z. subfasciatus have the ability to induce insensitive amylases early in their development. A short period of feeding on P. vulgaris cotyledon flour was sufficient to irreversibly induce the inducible alpha-amylase isoforms. Incubations of brush border membrane vesicles with the alpha-amylase inhibitor 1 from P. vulgaris suggest that the inhibitor is recognized by putative receptors found in the midgut microvillar membranes. (C) 2010 Wiley Periodicals, Inc.

Evaluation of tear production with modified Schirmer tear test-1 during the neonatal period in cats

Objetivou-se avaliar a produção lacrimal, por meio do teste da lágrima de Schirmer-1 modificado (TLS-1m) em gatos neonatos. Outrossim, estabelecer in vitro a existência de correlação entre o TLS e o TLS-1m. Tiras pa-dronizadas para realização do TLS foram partidas ao meio e após a abertura das pálpebras, a produção lacrimal dos neonatos (n=15) foi aferida em ambos os olhos (TLS-1m), diariamente, até o sétimo e aos 14, 21 e 28 dias. Os animais foram pesados diariamente até os 28 dias de idade. Os resultados foram comparados estatisticamente (p<0,05). Durante os primeiros sete dias de avaliação, a média geral obtida pelo TLS-1m foi de 0,76±0,08 mm/minuto. Não se constatou diferença significativa entre os olhos direito e esquerdo, em nenhum dos períodos avaliados (p=1,00). A produção lacrimal elevou-se significativamente, do 14º até o 28º dia, comparativamente aos primeiros sete dias (p<0,05). Observou-se correlação positiva entre parâmetros de maturidade e a produção lacrimal (p<0,0001). A distância entre as linhas de cada tira foi significativa (p<0,0001). Conclui-se que a produção lacrimal no período neonatal em gatos é bem inferior aos valores de referência descritos para adultos e jovens da mesma espécie. Não é possível extrapolar valores obtidos com o TLS-1 modificado para o TLS-1 padrão.

Investment recovery period in electric motor of higher efficiency in pumping for irrigation

Neste trabalho, ajustou-se um modelo matemático para quantificar o efeito do rendimento do motor elétrico sobre os custos de um sistema de bombeamento para irrigação na estrutura tarifária de energia elétrica convencional e horo-sazonal verde, bem como calcular o tempo de recuperação do capital investido no equipamento de maior rendimento. em seguida, o mesmo foi aplicado a um sistema de irrigação tipo pivô central em duas opções de rendimento do motor elétrico: 92,6% (linha padrão) e 94,3% (linha alto rendimento), sendo que o custo de aquisição do primeiro correspondeu a 70% do segundo. A potência do motor elétrico era de 100 cv. Os resultados mostraram que o modelo permitiu avaliar se um motor de alto rendimento era viável economicamente em relação ao motor-padrão em cada estrutura tarifária. Nas duas estruturas tarifárias, o motor de alto rendimento não foi viável. Na tarifa horo-sazonal verde, somente seria viável se seu rendimento fosse 4,46% superior ao do motor-padrão. Na tarifa convencional, somente seria viável se o ganho de rendimento superasse 2,71%.

Nutrient recycling and physical indicators of an alley cropping system in a sandy loam soil in the pre-Amazon region of Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Administration of beta(2)-adrenergic agonists during the peri-implantation period does not improve implantation or pregnancy rates in intracytoplasmic sperm injection (ICSI) cycles

Purpose: the objective of the present investigation was to determine implantation and pregnancy rates in patients undergoing ICSI and treated with beta(2)-adrenergic agonists, considering the uterine-relaxing action of these agents.Methods: A total of 225 women undergoing ICSI at the Center for Human Reproduction, Sinha Junqueira Maternity Foundation, entered the study. Patient participation in each group was random, by drawing lots, using a randomization table previously elaborated for the study (2:2:1). The group I (90 women) received 10 mg of terbutaline daily for 15 days starting on the day of oocyte retrieval; group II (90 women) received 20 mg of ritodrine daily during the same period of time as group I; group III (45 patients) received no treatment and was used as control. The evaluation was interrupted in 3 patients of group I and in 30 patients of group II because of a high incidence of side effects.Results: Pregnancy, implantation, and miscarriage rates were not significantly different (p>0.05) between the three groups: 29.88%, 13.25%, and 26.9% for group I; 33.33%, 17.5%, and 10.0% for group II; 28.88%, 15.07%, and 15.38% for group III, respectively.Conclusions: the results of this study do not support the routine use of beta(2)-adrenergic agonists during the peri-implantation period in assisted reproductive technology cycles.

Effects of pigment, disinfection, and accelerated aging on the hardness and deterioration of a facial silicone elastomer

The failure of facial prostheses is caused by limitations in their flexibility and durability. Therefore, we evaluated the effects of disinfection and aging on Shore A hardness and deterioration of a facial silicone with different pigmentations. Twenty samples with addition of each pigment (ceramic (C), make-up (M)) and without pigment (L) were made. For each pigment type and no pigment, 10 samples were subjected to two types of disinfectant solution (soap (S) and Efferdent (E)), totaling sixty samples. The specimens were disinfected three times per week for 60 days, and subjected to accelerated aging for 1008 h. The hardness of the facial silicone was measured with a durometer, and its deterioration was evaluated by obtaining the weight difference over time. Both the hardness and weight of the samples were measured at baseline, after chemical disinfection, and periodically during accelerated aging (252, 504, and 1008 h). Deterioration was calculated during the periods between baseline and chemical disinfection, and between baseline and each aging period. The results were analyzed using three-way repeated measures ANOVA and the Tukey's HSD Post-hoc test (alpha = 0.05). Specifically, samples containing pigment exhibited significantly higher hardness and deterioration values than those lacking pigment (P < 0.05). In addition, period of time (disinfection and accelerated aging) statistically increased the hardness and deterioration values of the silicone (P < 0.05). It can be concluded that both pigment and time statistically affected the hardness and deterioration of the silicone elastomer. (c) 2012 Elsevier Ltd. All rights reserved.

Evolution of magnetic field and spin period in accreting neutron stars

Based on the accretion-induced magnetic field decay model, in which a frozen field and an incompressible fluid are assumed, we obtain the following results: (1) an analytic relation between the magnetic field and spin period, if the fastness parameter of the accretion disk is neglected (The evolutionary tracks of accreting neutron stars in the P-B diagram in our model are different from the equilibrium period lines when the influence of the fastness parameter is taken into account.); (2) the theoretical minimum spin period of an accreting neutron star is max(1.1ms (DeltaM/M(circle dot))(-1)R(6)(-5/14) I(45)(M/M(circle dot))(-1/2),1.1ms (M/M(circle dot))(-1/2) R(6)(17/14)), independent of the accretion rate (X-ray luminosity) but dependent on the total accretion mass, DeltaM; however, the minimum magnetic field depends on the accretion rate; (3) the magnetic field strength decreases faster with time than does the period.

On the development of the brown spider Loxosceles gaucho Gertsch (Araneae, Sicariidae): the nympho-imaginal period

Observations of the developmental biology of Loxosceles gaucho Gertsch, 1967, the brown spider of southeastern Brazil are scarce. The present study reports the method of individualized rearing of 18 populations of L. gaucho, kept in laboratory under varied diet conditions, and characterizes their nympho-imaginal period as well as factors related to their reproduction. Females built the first egg sac about 20 days after copulation and nymphs hatched 40 days after the laying date. Average offspring was 61.3 spiderlings and females usually built three to four successive egg sacs in a period of five to seven months. First nymphs initiated their predatory activity between the 5th and 8th days after hatching and the majority reached adulthood within six moults (range of five to eight) in approximately 15 to 17 months (male) and 15.5 to 18 months (female). The average sex ratio equaled 1.0:1.7 (male:female). The wide individual variability of this species intermoult intervals is herewith expressed by the intermoult rate, which was fairly uniform for both intra and interpopulations and gives a relevant aspect for a general idea of the life cycles of spiders.

Arbuscular mycorrhizal fungal communities and soil aggregation as affected by cultivation of various crops during the sugarcane fallow period

Management systems involving crop rotation, ground cover species and reduced soil tillage can improve the soil physical and biological properties and reduce degradation. The primary purpose of this study was to assess the effect of various crops grown during the sugarcane fallow period on the production of glomalin and arbuscular mycorrhizal fungi in two Latosols, as well as their influence on soil aggregation. The experiment was conducted on an eutroferric Red Latosol with high-clay texture (680 g clay kg-1) and an acric Red Latosol with clayey texture (440 g kg-1 clay) in Jaboticabal (São Paulo State, Brazil). A randomized block design involving five blocks and four crops [soybean (S), soybean/fallow/soybean (SFS), soybean/millet/soybean (SMS) and soybean/sunn hemp/soybean (SHS)] was used to this end. Soil samples for analysis were collected in June 2011. No significant differences in total glomalin production were detected between the soils after the different crops. However, total external mycelium length was greater in the soils under SMS and SHS. Also, there were differences in easily extractable glomalin, total glomalin and aggregate stability, which were all greater in the eutroferric Red Latosol than in the acric Red Latosol. None of the cover crops planted in the fallow period of sugarcane improved aggregate stability in either Latosol.

Rainwater major and trace element contents in Southeastern Brazil: an assessment of a sugar cane region in dry and wet period

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Behavior of rr soybeans subjected to different formulations and rates of glyphosate in the reproductive period

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)